Monday, August 31, 2009

Most of the data concerns modifications - and those are not encouraging - but here are couple of graphs on delinquencies and foreclosures.

Click on graph for larger image in new window.

There are now more than 3 million mortgage loans 60+ delinquent based on the Hope Now statistics.

The Hope Now program covers approximately 73% of the total industry, so the total delinquent is probably over 4 million now.

The second graph shows delinquent loans, and foreclosure starts and completions.

Foreclosure starts were above 283 thousand in July, and completions only 89 thousand. There is a lag between start and completion, and a number of loans cure or are modified.

But foreclosures are dwarfed by 60+ day delinquencies. Although there will probably be a surge in foreclosure sales later this year (based on the increase in foreclosure starts), the real question is how many of those delinquent loans will become foreclosures?

In Memoriam: Doris "Tanta" Dungey

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Blogroll: I'm receiving 100s of requests to be on the blogroll and it is completely out of control.Right now the blogroll is frozen until further notice while I rethink the usefulness for the readers. Sorry.Thanks, CR